Irongate, previously known as Investec Australia Property Fund, has rejected a new A$1.1bn (R12.35bn) offer from fund manager 360 Capital, saying a 3.1% bump in its offer price is still not enough.

Irongate had already rejected an earlier offer from 360 Capital in October of A$1.65 per security, which was unsolicited and had numerous conditions, including unanimous support from the Irongate board. 360 Capital holds about a fifth of the Australian-focused property group...

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